All employers of a certain size must offer their employees benefits, especially with the upcoming implementation of the Affordable Care Act’s Employer Mandate in 2015. Offering employee benefits above and beyond what’s required by law is a wise move for any employer. We understand that offering your employees the best possible benefits can seem to pose a greater cost burden initially, but it’s an investment in your staff that pays off mightily in the long run.
Fifty-seven percent of employers offer more than the benefits required by law. When your company joins that number, it will gain a competitive edge. The better your benefits package, the more quality employees you can expect to attract, the longer you can expect to retain them and the harder they will work for your company’s success.
The success of your business depends on the quality of your employees. If you want to attract the best employees to your organization — the people with the most experience and the most elite education — you’ll need to offer the sorts of benefits that attract those candidates.
Remember, your business needs to compete with other businesses in your industry to attract the best talent. The benefits you offer need to be equal to or, preferably, better than the benefits your competitors are offering their employees. A stronger benefits package consisting of great health care for employees and their families, paid sick days and vacation days, and a 401(k) will attract employees with the experience, education and skills your company needs to get ahead. The best candidates have worked hard to provide comfortable lives for themselves and their families, and your business needs to respect that.
Of course, if you’re happy with under-educated or less experienced candidates, go ahead and hire them. You may be able to get away with offering these less qualified candidates fewer benefits, but don’t be surprised if they’re not as skilled or as dedicated to your company’s success.
Not only will a solid benefits package help you attract the best candidates in the field, it’ll give them a reason to stick with your company longer than they would if you didn’t offer such an attractive array of benefits. Job candidates don’t just compare salaries when they’re considering which companies to work for — they’re also looking at the benefits package and, more often than not, in the long haul it’s those benefits that will keep your employees loyal. Sacrifice employee benefits for the sake of cutting costs, and you might find yourself with a high turnover rate as your (less experienced, less qualified) employees pad their resumes and move on to greener pastures where the benefits packages are fatter.
Great benefits show your employees that you care about them as people, and that makes them value their positions more. Employees are more engaged with their jobs, have better attitudes and work harder when they know that their employer cares enough to take care of their needs. If you’re tempted to offer a higher salary instead of benefits, keep in mind that a bigger paycheck isn’t going to mean much to the employee who’s worried about what he or she will do if his or her kid gets sick, or how much he or she needs a vacation. Nothing kills morale faster than a bad attitude, and nothing creates a bad attitude faster than struggling with illness or stress from overwork.
A healthy workforce is a workforce that’s capable of putting in the maximum effort to help your business succeed. Give your employees good health insurance, and they’ll get checkups more often and receive the preventative care that they need to stay healthier. Without preventative care and good health insurance, they’ll get sick and stay sick, miss more work and maybe even have to leave the company altogether. Employees who lack health insurance coverage for their families will need to miss work in order to take care of sick children or spouses.
Give your employees paid sick leave, and they’ll stay home when they’ve got the flu and avoid infecting the rest of the staff. Employees who are worried about taking a pay cut if they stay home sick will come to work anyway, and the next thing you know your entire staff is either out sick or groggy, feverish and making mistakes. Your business needs healthy employees who are able to work to their full potential to succeed.
While giving your employees a fantastic benefits package might cost your company a little more up front, it’ll pay off in the long run in the form of a more qualified staff, more engaged employees, higher morale and a healthier workforce. Your company can’t succeed without a strong, healthy and engaged workforce made up of happy employees who care about one another and your business. With our help, you can give your employees the benefits they need and deserve without sacrificing the time you need to invest in smooth operations.Back to blog list